CalPERS investment committee on March 17 will consider expanding the disclosure of its private equity program to include the funds run by its venture capital manager, Grove Street Advisors, said Brad Pacheco, spokesman. Under the proposal, the performance of each fund in the three funds of funds run by Grove Street would be listed on CalPERS website, but the portfolio company names would be excluded. Currently, Grove Street, which manages $2 billion for the $131 billion California Public Employees Retirement System, Sacramento, only lists overall performance of each fund of funds on its website.
CalPERS began posting performance of its private equity funds on its website after settling a lawsuit filed by the San Jose (Calif.) Mercury News last fall. Mr. Pacheco said the CalPERS disclosure policy goes further than that of any other public pension fund in an effort to strike the right balance between meeting the standards of transparency and adhering to its fiduciary responsibility.
Officials at Grove Street were not available for comment by press time.